The business will become part of Coty’s professional beauty unit, which services salon owners and professionals in hair and nail care, and will be a standalone business led by its current chief executive Anthony Davey and team, Coty said on Monday.

The all-cash deal, to conclude by the end of 2016, is expected to immediately add to Coty’s earnings, the company said.

Coty said last year it would shift its executive team to London, as part of its transformation into a global beauty products maker.